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Bit Of A Yarn

A question


Freda

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4 hours ago, Freda said:

What happens to unclaimed TAB/tote winnings ?

I assume the TAB keep any unclaimed winnings. Just like quads, pick 6 etc, that nobody pick, so never get paid out. They must make a heap from the quads that are not fully 100% selected, one reason i do not take many of these bets 

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11 hours ago, hesi said:

It will be somewhere in the NZRB Annual Report.

I'll have a look tomorrow, if Curious does not beat me to it

From the Annual report, Financial Statement Notes

Dividends payable on betting and gaming operations are recognised once the event has resulted, at the fair value of the consideration to be paid. Any unclaimed dividends on totalisator and fixed odds revenue are recognised as unpaid dividends within other financial liabilities. Dividends paid on gaming turnover represents payouts to customers from the gaming machines, including jackpot payouts.

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13 minutes ago, Freda said:

Thanks,  hesi....but I think I could already work out that unclaimed dividends were unpaid dividends.   So where do they go?

if put against 'liabilities'  they would disappear without trace....

It appears they are just added to gross revenue from betting i.e. gross bets minus  dividends + unpaid dividends.

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34 minutes ago, Freda said:

Thanks,  hesi....but I think I could already work out that unclaimed dividends were unpaid dividends.   So where do they go?

if put against 'liabilities'  they would disappear without trace....

They would be a liability until the point they are no longer a liability (the time when the ticket expired). 

I guess when they are entered in they would go against dividends paid/ winnings paid out and unclaimed dividends/ winnings. Then when the time expires they would be reversed as you need to take the liability out of the balance sheet. If that makes sense?

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